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Hank Investigates

Insurance Proceeds

Now a story you'll see on just one station: insurance companies, withholding millions of dollars that could be yours! Hank reveals how they're keeping cash out of your hands and what you can do to claim it!

Is your name on this list? We just got it--exclusively--from the state treasurer's office. And if your name's here, you could be due big bucks. And we mean--big big bucks.

Jeanne Smith from Tewksbury got thirty thousand dollars!

Jeanne

"I thought I'd won the lottery, is what I thought!"

Diane Mosher of Hyannis got 2800 dollars.

Diane

"Absolutely fabulous!"

They're among thousands of people in Massachusetts who don't know they are beneficiaries of life insurance policies!

A deceased relative or loved one set it up so they'd get money from the policy - but never told them.

And we're talking about a lot of money.

Massachusetts State Treasurer Steve Grossman

"At least 100 million dollars!"

That's how much the state treasurer says is unclaimed. And he says what's more astonishing - the insurance companies just kept all this money!

They never contacted the beneficiaries – he says - and never turned it over to Massachusetts as unclaimed funds.

He's calling it a scandal!

Massachusetts State Treasurer Steve Grossman

"If they cannot find the beneficiary in a timely way, they are then required to give it to the unclaimed property division of the commonwealth."

Hank

"Were they doing that?"

Massachusetts State Treasurer Steve Grossman

"No, that's the whole point. They were sitting on this money! "

After the treasurer "reminded" companies of the legal requirements—several, like John Hancock, Met Life and Prudential agreed to hand over the names and the cash to the state!

Now the treasurer's office is calling beneficiaries with the exciting news: you've got money.

But if you think--oh, it can't be me, I'd know if I was due life insurance money: remember, all these people didn't!

In Jean's case, her husband died suddenly 10 years ago--and never had a chance to tell her he had a life insurance policy.

Jean

"I don't understand how they cannot give people the money that deserve it."

Diane's mother died years ago and never mentioned a policy.

Diane

"I think it's terrible, I think it's outrageous!"

More outrageous—lots of the people on this list were easy to locate! We found this man on the internet--and told him he was due $2000!

Why hadn't the insurance companies found them?

Prudential told us: "We did everything we could to find them…we're going to do more now."

Met Life told us they're starting a "new processes that will provide an even stronger safety net."

And John Hancock says they've "agreed upon new ways to connect beneficiaries with their benefits."

Now the state continues to track people down – to let them know they've got money coming.

Massachusetts State Treasurer Steve Grossman

"We're making a lot of people very happy these days!"

The treasurer tells us twenty-three other insurance companies have not agreed yet to turn over the names of un-notified beneficiaries – something the state says they are required to do.

If you want to see if any of this money belongs to you here's a list from the state treasurer's office of beneficiaries.

http://www1.whdh.com/pdf/Beneficiaries-of-Life-Insurance-Policies-OCT12.pdf

But more money will soon be rolling in from insurance companies, so you can call the treasurer's office to see if you may have proceeds coming to you: (617) 367-0400

Email: abp@tre.state.ma.us

website http://www.mass.gov/treasury/